Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-10
COMPLETE COLLAPSE.
TIE pgBrcoNrEREScRrAILro TO AGREE
ON rlRxs OF SETTLEMENT.
A synopsis Of the Report Of the Legisia'
lative Committee Which is to 90
Presented This Morning.

| OF the other was brought to q conclu-
sion, so far as negotiations are con-
cerned, yesterday afternoon.
Last night the committee met at the
Allen house (where all the sessions on
this subject have been held and agreed
upon a preliminary report, which VIII
be submitted to the two houses of the
General Assembly to-day, and OF which
the substance is given below. The full
report, it is expected, will be prepared
as soon as possible by Messrs. Massey,
Barbour, and Figgat, and when 1t is
ready the committee will pass upon 1t
and make such alterations as they
may deem essential, after which it
will be laid before the Legislature,
together with all the tables and
letters and other matters which have
| been before the conference. 1t will
also be accompanied with the steno-
| graphic report of the discussion be-
| tween the representatives of the foreign
bondholdcrs and the committee, where
in the latter believe they have estab-
lishcd an unassailable record for fair
dealing and for willingness to go to the
farthest possible limit within the re-
sources of the State to ectasettlement.
TEE GIsT OF THE COMMITTEES REPoET.
The eist of the last proposition of the
bondholders was that they should have
a principal sum of S26, $4,000.
Thisa amount was reached by deducting
from the debt Of the State the Riddle
berger bonds held by the State, amount
ing to S2,2A0,000; the bonds held by
the literary fund, amounting to 81, 49,
Geo: the bonds held by the Board of
Public Works, amounting to $l63, coo /;
the debt due the United States Gov
ernmtnt amounting to Sl,3O0, 600
(principal and INTEREST," and the fur
ther deduction of S2,62G, 000, being 10
per cent. of the States debt, the evil
dences OF which, they claimed, had
been lost. and for which no demand
would likely be made in the future.
These sums aggregated $3.50, 600,
which, added to the principal claimed
by them, aggregated the SUN of
934, ,39S, Geo.
ia addition they demanded in cash
from the State the sum of Sl,G02, 600,
being 40 per cent. of co per cent. OF
the arrearages OF interest on the consoi
and 1O-40 debt. They also demanded
that the new bonds should be cromPt
tram al tdrdtiOH-State, county, and
corporaiion-the coupons taX-receiva-
BILE: that all expenses incurred or to be
incurred in connection with the pres
ent negotiation and settlement to be
paid by the State, and that at the ex-
piration Of two years no bonds should
be funded by The state except by con-
sent Of the Council of Foreign Bond
holders.
To these propositions the joint COM
mittCe responded in substance as fol-
lows:
That the propositions from the COM
mission were wholly unsatisfactory,
ard would be rejected by the people ;
but the committee, still anxious to
reach an agreement, presented as an
ulfimQtUm on their part that the prin.
cipal of the debt be fixed mt S25, 900, 600
approximately, to be capitalized upon
terms hereafter to be agreed upon, and
to include all bonds held by the State.
the new bonds TO run for fifty years at
per cent, redeemable mt the pleasure
of the State after ten years, and the
question Of security to DE left open for
| negotiation.
Alter the receipt Of this communica-
ton from the JOINT committee the COM
mission modified Interpretations only
so faras to exclude the bonds held by the
sinking-fund commissioners, amount
ing to 81, l79, ,000-proposing that such
bonds should share with them their
ratable part of the annual interest
charges of SSOG, eco, and further en-
pha,ically declaring to the joint COM
mittee that they declined, once for all,
any negotiation that would involve the
reduction of the capital of the cOnsOl
ard l0-40 bonds so as to bring the total
amount of the debt within $25, 900, ,000.
Ihereupon the committee adopted and
forwa ded to the commission at their
quarters, at the Exchange Hotel, the
following preamble and resolution:
Whereas the commission on the part
of the foreign bondholders have stated
TO this committee that they. in sub
stance, adhere to the proposition this
day presented to them, and have re-
jected the proposition made by the
Joint committee, and declare the for
mer as their WtimdtaBi; therefore be
| it
| Rcsofccd, That it be communicated
to the commission of the Council Of
Foreign PondhOlders that, in the opin-
ion of the Joint committee, further ne
! gotiations will not tend to a final agree
ment, and that we feel constrained SO
to report to the General Assembly.
After the adoption of that resolution
thecommittee appointed Messrs. Wick
ham and Pollard to prepare n report TO
the General Assembly, which will be
presented to-day in the two houses,
embodying the facts connected with
the negotiations, and which will ask for
time in which to make a detailed re-
port of the proceedings of the joint
committee.
A CHANGE.
The demand was for per cent. on
the new bonds for five years and 4 per
cent. for fifteen years thereafter.
All the members of our committee
state that between Saturday and yes
terday most inexplicable and aston
ishing change came over the English
commissioners. They demanded more
money yesterday than on Saturday and
were not nearly so friendly.
Messrs. Thornton and Braithwaite
will meet the legislative committee this
morning to look over the stenographic
report, &c.
They are on record as being very Sc
we're on US for taking "their money :"
to Iun our public schools and for our
excessive liberality to the manned
veterans of our wars.
! IKE Next Step,
"And what viii the Legislature now
do ?" was asked distinguished mem
Der of the debt committee yesterday
evening.
There is nothing for them to do
that can see, said he, "but to pass
the constitutional amendment putting
a limitation on the time for funding
and adjourn" "
| "Will the uer6atim report OF the con-
ference proceedings be published ?"
"Ob, yes.